Main market stock..incredible graph, good transition from Aim to Main market..better keep an eye on this one, not in yet but : possibly a good Isa stock for the long term.

StockMarketWire.com
India-focused Hardy Oil and Gas posts a total comprehensive loss of $16.7 million for the 12 months ended 31 March compared with a loss of $25.0 million last time.

The latest loss is attributable to the write-down of intangible assets - exploration associated with GS-01 ($5.0 million), property plant and equipment associated with the PY-3 oil field ($2.8 million) and associated deferred tax asset ($5.2 million).

In FY15 the loss was primarily attributed to a $22.6 million write-down of intangible assets - exploration due to the relinquishment of the D3 exploration licence.

During the year the company took further steps to reduce our administrative expenditure, including the reduction of staff, although total general and administrative expenditure increased to $4.0 million. The increase is primarily due to non-recurring expenditures amounting to $1.6 million. The Group expects administrative expenses for FY17 to remain at around this level due to legal expenditures of approximately $1.0 million. Cash used in operating activities amounted to $3.7 million for the 12 months ended 31 March 2016 compared to a cash outflow of $3.5 million for the 12 months ended 31 March 2015. The Group's capital expenditure and investment income was nominal at $0.3 million. With cash and short-term investments of $17.6 million as at 31 March 2016, and no debt, the Group is well funded to meet its current work commitments on the Indian asset portfolio.

Chairman Alasdair Locke said: "Our main objectives remain to secure key stakeholders' approvals and initiate activity that will take us closer to realising production from our portfolio of assets for the benefit of our shareholders. The enforcement of the CY-OS/2 Award would present new resources to expand our portfolio. Through the down cycle in commodity prices we can achieve tangible value creation provided we have the constructive collaboration of all stakeholders of our India based assets. The actions of our joint arrangement partners and sovereign authorities will shape our future in India."